UPDATE 1-Bain Capital to buy majority stake in Volkswagen's marine engine unit, FT reports

EQT Corporation

EQT Corporation

EQT

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Adds VW no comment, Bain not reachable, details on bidders

June 24 (Reuters) - Bain Capital is set to acquire a majority stake in Volkswagen's _p.DE> marine engine unit Everllence, the Financial Times reported on Wednesday, citing people familiar with the matter.

The unit is expected to be valued at about €8.5 billion, according to the report.

A Volkswagen spokesperson declined to comment. Bain did not immediately respond to a request for comment.

The deal is expected to be one of European industry's biggest carve-outs this year, as the carmaker seeks to free up cash at a time of deep cuts across the group's automotive operations.

Bain was competing against CVC and EQT in the bidding race, the latter of which was part of a consortium with Volkswagen shareholders Porsche SE PSHG_p.DE and Qatar.


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